GBP1.05 million for Bowleven Contract Win

RNS Number : 3572B

Plexus Holdings Plc

16 April 2012

 



Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

16 April 2012

Plexus Holdings PLC ('Plexus' or 'the Company')

Further Contract Win Worth £1.05 million for Bowleven in Cameroon, West Africa

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces the signing of a further contract to supply wellhead equipment for appraisal activity to an operating subsidiary of Bowleven plc ('Bowleven'), an African-focused oil and gas exploration company quoted on AIM (AIM: BLVN). Plexus will supply High Pressure/High Temperature ('HP/HT') wellhead systems and services for drilling offshore Cameroon and the potential value of the contract is estimated at £1.05 million with revenues expected to commence in June/July 2012.

The drilling programme will utilise Plexus' HP/HT 18-3/4" 15,000 psi surface wellhead equipment for appraisal activities on two firm wells, both located in the company's Etinde Permit area offshore Cameroon with scope to extend the contract for up to two further wells in the same permit area.   

Plexus CEO Ben van Bilderbeek said, "Winning further work from operators who are familiar with our equipment and the operational, safety, and time saving advantages it can deliver is always highly satisfying.  This additional contract for activity by Bowleven is testament to the strength and commercial viability of our POS-GRIP wellhead technology, especially for the more technically challenging HP/HT arena where Plexus is increasingly gaining a highly regarded reputation within the industry.  The contract also allows us to make further in roads into the lucrative and highly active West African oil and gas arena, a market which we are keen to build our position in.  With this in mind, we are excited to be working for Bowleven again and hope to continue this working relationship in the future."

**ENDS**

For further information please visit www.posgrip.com or contact:

Ben van Bilderbeek	Plexus Holdings PLC	Tel: [phone]
Graham Stevens	Plexus Holdings PLC	Tel: [phone]
Jon Fitzpatrick	Cenkos Securities PLC	Tel: [phone]
Ken Fleming	Cenkos Securities PLC	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Frank Buhagiar	St Brides Media & Finance Ltd	Tel: [phone]

Notes to Editors:

Plexus Holdings PLC, which began trading on AIM in December 2005, is an oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment for exploration and production applications.  Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur and a presence in Houston, Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP®, which involves deforming one tubular member against another to effect gripping and sealing.

The Company plans to accelerate the roll out of POS-GRIP wellhead equipment as a superior alternative to current technology and for it to become the future industry standard for wellhead design.  In particular, the technology has advantages in High Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice.  Importantly, the Company is focussed on extending its proprietary technology into an increasing number of subsea applications.  In line with this, in March 2011 the Company launched an initiative to develop a new subsea wellhead design, HGSS™, utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. Royal Dutch Shell, Wintershall, Maersk, Tullow Oil and the UK entity of the world's largest offshore drilling company have joined the initiative to date. The HGSS subsea wellhead design will include a combination of key features never before seen in a subsea wellhead which include being rated to 15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity, annulus pressure monitoring and access for 'bleed off' capability to address sustained casing pressure ('SCP') issues which are recognised by the API as a serious industry problem, and rigid metal annular seal technology qualified to match the performance of premium casing.  Development is expected to be completed by mid 2013 calendar year.

To date, POS-GRIP wellhead systems have been used or selected to be used in over 150 oil and gas wells by international companies including Apache Energy Australia, BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

 

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